Wallace promises Rangers faithful 'there is no chance of a second administration' as negotiations continue for a £1.5m loan

Graham Wallace has repeated his vow that there is no chance of the Rangers tumbling into administration for a second time.

As Sportsmail revealed on Thursday, the cash-strapped Ibrox club are in talks with directors Sandy and James Easdale and hedge fund Laxey Partners over a £1.5million loan to plug a short-term cash crisis.

The Rangers board continue to resist the persistent attempts of former director Dave King to invest working capital via a new share issue after the South African-based businessman rated the cash reserves at Ibrox as ‘critical’.

Cheif executive Wallace is midway through a 120-day review designed to cut losses of £1m a
month. And on Thursday he spoke out as he launched ‘Ready To Listen’, a
new initiative designed to engage with a disgruntled and increasingly
concerned fan base ahead of season ticket renewals.

‘It’s important to say that the board, myself, the executive team are working very hard to rebuild the club,’ said Wallace.

‘We are midway through our 120-day review in terms of every area of the business. But what I can categorically say to all Rangers fans worldwide is that there is no threat of a second administration.

‘We are working our way through the business in a very logical and organised fashion.

‘Sometimes it’s difficult to come out and rebut every story in terms of potential administration. But let me put that to bed once and for all. We are absolutely focused on the long-term sustainability and success of Rangers.’

A statement to the stock market
confirmed talks over finalising the £1.5m loan were continuing in London
yesterday. It would be repaid in a year’s time via the issue of new
shares and is seen as key to bridging a funding shortfall first
identified by former financial director Brian Stockbridge.

Pivotal: McCoist (left) with Rangers shareholders and brothers James and Sandy Easdale in August 2013

Questions still remain, however, about the long-term sustainability of Rangers. Yet, despite the necessary short-term funding, Wallace says his review is firmly on track.

Sportsmail understands the chief executive is considering raising more cash via a membership scheme which would see supporters paying in return for privileges and a say in how the club is run.

The question will be part of the ‘Ready to Listen’ survey as directors desperately attempt to persuade worried supporters to renew their season tickets.

‘We have to put together an environment of trust,’ Wallace acknowledged. ‘Trust from the fans, trust from the shareholders that the executive team, the board and myself are doing the right things.

‘Fans are absolutely key to that. Without fans the club does not exist.

‘We absolutely need to have their engagement, we need to have their support and this is a first step forward in helping the club understand what matters to them.

Disgruntled: Fans are growing impatient with the club's administration but Wallace has insisted they are at the heart of future plans as he calls for their feedback

‘The common issues that come out from supporters are that they want to know their club is being run the right way. They want to know that their club is here for the long-term, that it’s going to be a sustainable business.

Ambition: Former Rangers director Dave King has claimed the Ibrox club's finances are critical

‘Yes, they want on-field success, they want a team playing attractive football. But more than anything the supporters want to know their club is in good hands.’

Yet Drew Roberton, the general secretary of the Rangers Supporters’ Association, said the club’s request for a loan did little to alleviate fans’ fears.

‘It’s certainly concerning,’ Roberton said. ‘Mr Wallace has on many occasion said that under no circumstances was administration an option.

‘Unfortunately, this recent announcement doesn’t do much to alleviate fans’ fears that it’s still a possibility.

‘Given what’s happened to the club in the last two years, it’s understandable for anyone to have that fear.

‘Graham Wallace has put his reputation on the line by saying it’s not going to happen. I don’t know anyone who’s in possession of hard facts and figures to dispute that.’

Wallace meantime dismissed speculation
that he is considering his future despite arriving in December as the
club’s third chief executive in a year.

Not convinced: Wallace has promised Rangers won't go into administration but the fans still have fears

‘I knew exactly what I was getting into when I agreed to come and join the club. My position today is no different from then,’ he said.

‘There is a lot of work going on behind the scenes. There is no threat of people walking away. No doubt about that.’

Wallace confirmed plans to rebuild the shattered football scouting operation as a priority and added:

‘We are now moving on and working hand-in-hand with Alistair (McCoist) on the football side, looking at our football operations and structures and some of the areas where we know we haven’t got the capability we wish to have.

‘Scouting is one mentioned regularly and we have had a number of discussions over what we should be putting in place to make sure a great club such as Rangers has the right processes to identify and attract talent for the future.

‘So I am very happy with the way the 120-day programme is progressing.’

What drama? Rangers, who are 23 points clear in Scottish League One, celebrate a Jon Daly's goal against Ayr